The Emirates have recently confirmed their intention to launch a takeover bid for 100% of Naturgy, the Spanish gas supply company. It falls, an Abu Dhabi-based listed company with a capitalization close to 86,000 million euros, has been chosen as the investor finalizing the agreement with CriteriaCaixa to distribute control of the company.
It falls is three times larger than Naturgy and 15,000 million euros above Iberdrola, one of Spain’s largest energy companies. As part of its diversification strategy into green energy sources, the emirate has invested in companies like Cepsa and collaborated with Iberdrola on offshore wind and green hydrogen projects. It falls’ CEO has over 20 years of experience in the oil and gas industry and is looking to expand into renewable energy.
Abu Dhabi’s relationship with Spain extends beyond business, with frequent high-level visits and agreements signed by the governments. Spanish exports to the Emirates have been on the rise, reaching over 2,000 million euros in 2022. The synergy between the two countries is evident in various sectors, including energy, where both are moving towards sustainable sources. The strategic investments by Abu Dhabi in Spanish companies indicate a strong partnership focused on mutual growth and development.